Attorney Gives Insight Into Why Top Defensive Lineman Is Filing For Bankruptcy

April 17, 2012 - PRLog -- How does an individual who has signed three NFL contracts totaling to $77 million ended up with less than $1,000 in his bank account? Warren Sapp was the top defensive player in the National Football League and was on the winning team of the Super Bowl. When he was 25, he signed a $36 million contract with the Tampa Bay Bucs and six years later signed another $36 million deal with the Oakland Raiders. He owns a mansion in Orlando as well as a luxury condo in Hollywood Beach. His home was filled with the very best that money could buy. Lion rug, 250 pairs of Jordan Brand shoes, lion statue, Louis Vuitton suitcase, and more were listed in the appraisal of his assets.

However, Sapp also owes over $75,000 a month in payments to four women, three of which are the mothers of his children and one of which is an ex-wife. One analyst believes that he earns $45,000 a month from appearance fees, publisher fees, and more. This is a large income is usually one that disqualifies the individual from filing for Chapter 7 bankruptcy. However, his attorney has stated that he is filing because of business debts and not because of personal debt like credit cards. However, no matter what anyone believes, it is up to the court to decide whether or not he qualifies.

Sapp owes various women as well as the New Jersey Family Support Center over $75,000 a month. Not only that, but he owes is ex-wife over $876,000 in missed payments. However, since these are unsecured priority claims, he cannot get out of the debts. In a recent Tampa Bay Times article, Ian Leavengood of the St. Petersburg bankruptcy law firm Leavengood & Nash said “Those debts will not be discharged. They don’t go away.” Even though these high amounts of support were set when he was at the apex of his career, there is no wiggle room in getting out of his obligations.

Warren also owes a lot of money in taxes; he currently owes the IRS $853,000. However, since this is considered an unsecured priority claim, it is “ripe for discharge” according to Leavengood. Not only that, but he believes that Sapp will walk out of the whole situation with very minimal cost consequence to him.

If you have found yourself in a situation similar to Warren Sapp and are considering filing for Chapter 7 bankruptcy, you should contact a St. Petersburg bankruptcy lawyer from Leavengood, Dauval & Boyle, P.A.h. They could provide qualified legal counsel to your specific situation as well as walk with you through this entire process. Call their office today or visit their website at www.leavenlaw.com .

Leavengood, Dauval & Boyle, P.A. is a Florida bankruptcy and creditor harassment law firm dedicated to serving those who live in Tampa, St. Petersburg, Clearwater, and the surrounding areas. They have years of experience in this area of law and understand how best to help you when you are facing difficult financial situations. A St. Petersburg bankruptcy attorney could also help protect you if you are being harassed by creditors or being threatened with foreclosure. No matter how hopeless your situation appears to be, hiring the right legal representative could make all the difference in the outcome of your case. Contact a St. Petersburg bankruptcy lawyer today to learn more about how they could help you.